Audacy, Inc., the second-largest U.S. radio broadcaster with 225+ stations across 45+ markets and approximately 150 million monthly podcast downloads, filed a prepackaged Chapter 11 petition on January 7, 2024 in the Southern District of Texas (Case No. 24-90004) before Judge Christopher M. Lopez. The filing followed sustained macroeconomic pressure on traditional radio advertising, a pandemic-driven shift in listening behavior, and a capital structure requiring approximately $120.6 million in annual cash interest on roughly $1.9 billion in funded debt. A restructuring support agreement executed January 4, 2024 with ~82.2% first lien and ~73.6% second lien support targeted an 80% debt reduction by equitizing approximately $1.6 billion of secured debt into new equity. The debtors obtained a $32 million new-money DIP term loan plus a $25 million receivables facility upsize. The plan was confirmed on February 20, 2024—44 days after filing—but the effective date was delayed until September 30, 2024 due to FCC approval requirements for license transfers covering 200+ stations (approved 3-2 on September 18, 2024). Post-emergence, Audacy became a private company controlled by Laurel Tree Opportunities Corporation (57%+ of Class A stock), with total debt reduced to approximately $350 million (2.7x net leverage). First lien creditors received 75% of new equity plus takeback exit term loans; second lien noteholders received 15% of equity plus warrants; general unsecured claims were paid in full; existing equity was cancelled. The final decree was entered January 27, 2025.